Dennis Lacey, RGS’ CEO, stated:
As we believe our best opportunity for improved future financial performance rests with our Residential and Sunetric business segments, we have made the strategic decision to exit the large commercial business segment. This decision will have a positive impact upon our future cash from operations as well as improving the Company’s profit margin. We are taking actions to monetize the value of this business segment. We will complete our existing large commercial construction contracts in progress in the ordinary course of business in the coming months. Although we will no longer be pursuing large solar commercial projects, we will continue in our Residential and Sunetric business segments to operate in the small commercial solar customer segment, generally under 200kW in size. For instance, oftentimes our Residential solar customers own a small business and we also provide solar solutions for their business facilities. We believe the small commercial segment is an opportunity for future profitable growth.
About RGS Energy
RGS Energy (NASDAQ: RGSE) is one of the nation’s pioneering solar energy companies serving commercial and residential customers. Beginning with one of the very first photovoltaic panels sold to the public in the U.S. in 1978, the Company has installed more than 22,500 solar power systems representing over 235 megawatts of 100% clean renewable energy. RGS Energy makes it very convenient for customers to save on their energy bill by providing a comprehensive solar solution, from design, financing, permitting and installation to ongoing monitoring, maintenance and support.
As one of the nation’s largest and most experienced solar power players, the company has 14 offices across the West and the Northeast. For more information, visit RGSEnergy.com.